Gotta see NAG for what it really is I have been with NAG for a couple of years until yesterday(sold at .35 cents thank you very much). Just too many unknowns at this point. Yeah they apparently may or may not have staked and applied for permits in and around GXS drill holes but that remains to be seen. Although I am impressed with the volume of shares being traded I think it does not represent what NAG has for assets or what it has accomplished so far. Nag has been in the firm grip of daytraders for a long time, that coupled with the endless amounts of cheap paper sitting around the shear volume does not surprise me.
From yesterdays press release, a 4 meter coal intercept? West of Hudson Bay? How far west? Big deal. Could be a long ways from GXS drill holes. Anyways if it is the right kind of coal why didn't they discribe it like GXS did in their April 28 PR along with a picture of the core? As stated in GXS April 28 PR:
'The Company believes that the coal encountered in the drill holes is of Cretaceous age. The coal is black and moderately hard and therefore judged by visual characteristics to be either sub-bituminous or bituminous in rank rather than lignite. The Company knows of no record of occurrences of lignite coal in Cretaceous aged rock formations in Saskatchewan. A picture of a portion of one of the coal intercepts and representative photos of select samples are attached.'
Now that would of moved the SP. Maybe the coal didn't look like the above description? And just to keep the exchange of their backs they could of put the following disclaimer again as per GXS April 28 press release:
'The Company cautions against placing undue reliance on the visual observations set out below with respect to the coal until the results of the analytical work underway have been announced.'
All the pumpers on the board imply that they also have another promising property in Louise Lake. Well if you didn't DD that property here is a few tidbits without going to much into detail. NAG claimed to have a stand alone mine in LL, you can check out the 43101 resource estimate on their website, but the ore is very low grade with a a lot of arsenic(20%). Oh sure NAG IR will claim that they can still process the ore but will it be profitable. Nag has not produced any proof of this yet. Well the market said no to LL being a stand alone mine and thus they were sitting at 6 cents before this coal pump. Also the main zone is relatively small, so they decided to search for more ore to the north staking a large amount of property adjoining Tech Comincos prospective land and did a drill program on it. They claimed that they discovered 'Main Zone' type ore with increasing grades to the north and release part assay results. What they did release for assays was't very impressive in my opinion. They now say they have received the balance of the assays from the winter drill program from the supposed 'higher grade' area they are promoting. So why not release the remainder of the results? It is my opinion that the remaining assays are not the greatest either and won't release the information to show that LL is a waste of time and money especially during the coal super pump. I mean why would you kill the sentiment with krappy assay results right.
Another reason I sold is because of management. Don't like them. For instance they seem to have trouble with transparency. With all the stellar DD going on here I am sure everybody checked out how many shares management holds in their companies(NAG/SLT) after all owning shares in your company would show the confidence you have in your own company wouldn't it? Well you will find that management holds 0 shares. I asked IR one day why management doesn't own any shares in the company and they assured me that they own millions. Well I don't know how an insider owns shares in a his own public company without the the public knowing how many share they own. So if they own millions what are they doing with them? Are they holding them? Are they trading them? Are they dumping them? We'll never know. So ask yourself this where is all this volume coming from? Where is all this cheap paper coming from?
Anyways I hope you do a thorough DD on this Management and there two companies. Oh I almost forgot they Charles and the boys also picked up another company, an oil company, can't think of the name of it just now. The company is halted by the exchange last I checked for late filing of financials. Looks like another company that Charles and the boys can pass the paper around secretly of course. Just ask IR what the name of the new oil company is next time you are DDing. Another thing be leary of what IR tells you as of course they will say what you want to hear. Happy trading and GLTA. Oh and this is all IMHO of course.
MM